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That. in u~der muro tuUy tu prutect the ucurily vf thia murt~e, the mo~t~ur, toYethe~ with. anJ in additiuo to. ~he munthly paymen~s ~ unJer the terms ut the note secureJ hereby. oo the firs~ Jay of errh rtwn~h until the said ~we is fully paid, will pay tu the mu~~~te ~he tulluw- t in~ sums: ' ~ Ia1 /1o amoun~ wlficienl to provi~ie the hulder hereo( wi~h funds tu p~y the ne~l mung:?ge inwrynce premium i( ihis in+trumrni and the • nwe ~trured heroby are inwreJ. ~x a monthly char~e lin lieu of a mongaPe in.urance premium) it thcy ~re held by the Secretxry o( ~ t Hau~ing and Ufian Devclopment as tolluws: 111 It aoJ w lung ac wid nwe ut evtn Jate and this instrument ~re insurcJ ot are reinsured under the pruvisiuns of lhe N•rtiunal Hou;ingAct, ~p amount su~'icieo~ w accumulate in the hanJs of the hulder une 1!1 month ptior to its Jue Jate tlwe annual mort. ~ gage insurance p~emium, in order ~a provWe w~b fwlJer wi~h tu~ts to pay wch prcmium to ~he Secrc~ary uf Housing and Y-~• ~ Ufian Deveh~pment Qunuan~ to the Natiooal Housing Ac~, as amenikd, and applicabk Re~ulaliona thereunefer; or 1111 If anJ su b~ u+aid note ot evr~ dati aoJ ihis instrument are heW by the 3ecrctary ot Housing and Urban Development, a - mumhly cMreC lirt liou of ~ m~xt~e inwwnce premiuml which shall be in a~ amoun~ equal to oae-lwelfth 111121 ot one-baU 1112) per cenwm of the ~verage ~wlstanJing balance Jue un ~he nole computed without taking into account delinquencies or p~~p:~ymtnts: , . , . . . ; ; lb) A+um equal 'to ihe gruund rents, if ~ny, nest due, plus the preq~jums that will oext become duC ar?d pay+bk u~ pulicies of fue and • othe~ hazazJ inwraM:e cavering the mongaged property. pluc laxes and assessments next due on the mongaged propehy (all as esti- matnf by the mungageel kss all sums ~Iready paid lheretor divakd by the numbe~ ot montha to elapst bt(ore one month priot to the date whe~? sych pvund rents. premiums, taxes, and asussments will become delinquent, such sums tu he htld by mongagee in trust to pay wiJ ground rents, premiums. ta~es, and special asxssments; and ~ tc) All payments mentioned in the twu preceJing subceclions ut this paragnph and all payments to be made under the nae ucured here- by sAall be aJded together and tht :+ggregate amuunt thereot shall be paid by the mohgagor each mon~h in a singk payment tu be ap- plini by the murtgagee to the (ullowing items in the order ut tonh: - ~ 111 prcmium charges uoder the a?ntract uf inwrance with the Secrctary o( Housing and Ufian [kvelupment. or manthly charge (in licu of morlgage insuranCe premium). as the case may tx: 111) growxi rents, taxec, assessments, fire, and other haz~rd inwrance premiums: (III ioterest on the vwe ucured hereby: and (IV) anurtization oi the principal ot said nae. Any Jeficiency in the amount of wch aggregate munlhly payment shall, u~kss made gaxf by the murtgagor prior to the Jue Jatc ot the oext wch payment, constitute an event o( default under this mortgaga The mongagte may colket a"late charge" na to exceed two ceots 12c) tor each Jollar (SI ) ot eacb payme~t mo~e than fifleen ( IS? Jays in arrears to cove~ lhe eztra expense invotva! in handling Jelinquent payments. That it the total ot the payments madc by the mortgagor undor (b) of paragraph 2 preccding shall exceed Ihe amount ot the paymeots acwally madt by the mortgagee, tor grou?u1 rents, taxes and acsessments anJ inwr~nce premiums, as the cau may be. such excess at the op- tion ot the murtgagce. shall, be crcdited on subsequent payments to be made by ~he mortgagor, or refundal to the mortgagor. If, however, the monthty payments maJe by the murtgagor under 16) o( paragraph 2 pteceding shal) nol be sulficitnt to pay ground reots, taxes and assessmtnts and insurance premiums, as the casz may be. when the came ~hall become due and payabk. then the mongagor shall pay to the murtg:?gee •rny amuunt necessary to make up 1he deficiency, on or beture the date when paymenl of such ground rents, taxes, assessments, or insurance prem- iums shall be Jue. It at any time the mortgagor shall tender tu the mongaRce in accordance with tht provisions of the nole secu~ed hereby, full payment ot the entire i~xiebteJness represented therehy. the mortgaget shall, in computing the amount o( such irniebtedness, credit to 1he ac- count of the mortgagor al! payments made under the provisions uf (a) of paragraph 2 hereof which the mongagee has ~ot t?ecome d+liga~ed to pay to the Secretary of Housing and Urban Development anJ eny belance remaining in the tunds accumulated under the provisions ot 16) o( said paragraph 2. If there shall be a default under any ot the provisioos ot this mottgage, resultirtg in a public sale of the premises c~~v~red here- by. ot if tlx mortg,~gee acquires the property aherwix after default, the mortgagee shall apply, at the time ot the comm~ncement ut ~uch pro- ceedings or a1 the time the propeny is otherwise acquircd, tbe balance then remaining in the furds accumuhted under !b) of paragraph 2 preced- ing as a credil against Ihe amount of principal then remaini~ unpaid under said note and shall properly adjust any paymenls which shal! have been made under 1 a) of said puagraph. 4. That t~e will pay all taxes, assessments. watcr rates. and other governmental or municipal charges. fines, or impocitions, for which pro- vision hac not been made hereinhetore_ and in Jrfault ~hereof the mortgagee may p•ry the ~ame: and lhat he will prompUy deli~er the official rcctiplsthsrefortothe mortgagee. S. That he will permit, commit. or suHer no waste, impairment. or deteriuration of wid propeny or •rny part thercof: anJ in the event of the failure of the mortgagor to keep the buildings on said premixs and thoce to tx erected on said premises, or improvements Ihereon. in gcxxl re- pair. tht mortgagee may make wch repairs as in its Jiscrction it may deem necessary tor the proper preservation thercof. and the full amount ot each aod every cuch payment shall t+c immtJiately due and payabk, and shall tx se~ured by Ihe licn of this mortgage. 6. TAat he will pay all arni singular the costs, charges, and ezpenses, including reasonabk lawyer's tees, and cosls of abclracts of titk. in- curred or paid at any time by the mortgagee lxcause of the tailure on the part of the mongagor promptly and fully to perform the agreements and covenantx ot said promissory note and this mortgage. and wid custs, charges. and expenses shap tx immediately due and payabk •rnd shall be se~ured by the lien ot this mongage. - ~ - " - 7. That ix will keep the improvrments now eiiiting or hereafter erected on the mortgaged propeny, insured as may be required hom time to ~ime by the mortgagee agaimt bss by fire and other hazards, casualties. anJ contingencies in wch amuunts and for such perioJs as may he required by mong:+gee, and w~i)1 Qayy promptly~ when due. any premiums on such in~urance for payment oi w•hich provicion has nw bcen muJe hereinbefore. All insurance shall be carried in companies approved by mort~agee and th~ policies and rtnewals thereof shall be held by monga- gee and have auached thereto locs payabk clauses in favar of and in torm acceptabk to the mongagee. ln event o( locs he will give immediate notice by mail to mort~tee.~8nd inottgaget may make proof of los~ if not made promptly by mortgagor. and each insurance company con- ~ cerneJ is hereby authorized and dirccted to make payment for such bss dirtCtly to mortgagee inslead of to mong:4ax anJ mortgagtt joinlty. ~ and the inxurance pror.eeJc. or any part thereot, may be applied by monp,agee at its option either to the reduction of the indebtedness hcreby ~ secureJ or to the restoration or rcpair of the property damaged. In event ot torecbsurc of Ihis mortgage or other Iransfer of titk to the mort- ~ g~aged prapen~• in exlinguishment ot the inJebtednexs secureJ hereby. all right. titk. and interesl of the mortgagor in and to any insurance poli- cies then in torce shall pass to the purchaur or grantee- 8. 'fhat if the premises. or any part thereof. be condemned wuler any p~wer of eminent d~~maio. or acquireJ for a public ux. tlx damages. proceeds. and the consideratioo toc such acqui~ition. to the ex~ent ot the futl amount of indebtedness upon this Mortgage. and 1he Note secured hereby remaining unpaid. are hercby assigr~f by the Mortgagor to the Mortgagce and ~hall be paid torthwith to the Mortgagee to be applinf by it on account of the indebtenus secured hereby. whether Jue or not. 9_ That the mongagee may, at any Iime pending a suit upon this mortgage. apply to Ihe court having jurisdictiun thereof for the appoint- ment of a receiver. and such court shall forthwilh appoint a receiver of tht premises covered hereby all and singular. including all and singular ~ tht income. profits, issues. and re~•enues fram whatever source derived. each and evtry ot v?hicb. it being expressly underctood, is hereby mortgaged as if specifically set fonh and described in the granting and habendum clauses hereof. and wch rectiver shall have atl 1he broad and efiective tunotions and powers in anywise entrusted t+y a court to a receiver. and such appointment shall t?e made by such court as an admitted equity and a matter of absolute right to saiJ mortgagce. and without reterence to Ihe adequxy or inadequacy o( the velue o( the property mori- g g:+ged or tu the colvency or inxolvency of wiJ mortg:?gor or the defendantc. anJ that wch rents. profilc. income. iti.ues. and revenue~ .hall tx q applied by such receiver according to the lien of Ihis mortp.:~te and the practict of such court. In the event ot any default on the part ot the mort- ~ gagor hereunder. the mortgagor agrees to pay to the mortgagee on demand as a reasonabk monthly rental tor Ihe premises an amount at kast . ~ equivalent lo one-tweltth 1111310( the aggregate o( the twelve monthly installments payabk io the tben current year pluc the actual amount of tlx annual taxes, assessments, water rates. and incurance premiums for such year not covered by 1he aforesaid munthly payments. ~ 10. That (a1 in the eveat at any txeach uf Ihic mongage or default on the pan ot the mortgagor. or t 6) in the event that any of said sums ot ~ muney herein rcferred lo he na prompUy and ful{y paid without demand or notice. or (c) in Ihe event ~ha~ each and every the sti~lations. ~ agrecm~nts. conditions. and covenants of xaid note and this mongage. are not duly. promplly. a~J (ully performed: lhen in either or any such g event. the said aggregate cum mentioned i~ +aiJ nwe then remaining unpaid. with interest accrued to ~hat Iime. anJ all muncy~ secured hereby. ~ ~hall t?ecome Jue anJ payabk forthwith. or Ihereatter, at the option of said mongagee. as fufly and completely ax it all of the said cums of mon- ~ ey were originally stipulated ta be p:+id on such day, anylhing in said nate or in this mortgage to the contrary notwithstanding; and thereupon or thercafter. ai 1he option of said munp:~gee. wilhout no~ice or Jemand. wit at law or in equity. may t~e procecuttd ac if all moneys secured here- ~ by h:~J metured prior to it~ instiwtian. The mortgagee m~y fureclose tbis mongage. as to tha amount so declared due and payabk. and the said premices xhall tx sold to salicfy anJ pay Ihe ~ame Io1ccther witb costs. expenus. and allowances. In case oi pariial (orecbsurc ot Ihis mortgage. ~ the murlgaged premises tihall be wW subject to the continuing lien ot this mortgege for Ihe amouni ot Ihe debt not then due and unpaid. ln such ~ rase the provisionx ot Ihis paragrapb may again be avaikd of thereafter (rom time to time by the mortgagee. I1. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyanct. lransfer, or change ot ownership of the ~ premises. , . . rc s ~ 12. That no waiver o( any covenant herein or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the ~ terms hereof or of the note secured hereby. ~ ~ ~o~K242 P~2970 ~ . ~ ~ , _ _ z : ~ F * -a ts`. < ~f. ~ 5~^~+=~?Y} ~'Yr • r~~,~~ . ^~'~t1a.~~ u Y ~ . p"~~ ..rv